Finks Jewelry store, (c) Finks 2023Where NetSuite is often seen as a solution suitable for fast-growing startups, more traditional firms can also benefit from the modern cloud-based ERP solution. One such firm is Fink’s Jewellers. Founded in 1930, the same family still owns and operates the company.

It has grown from a single location in Roanoke, Virginia, to ten stores across Virginia, North Carolina and Tennessee and a comprehensive website showcasing the offered ranges.

After thirty years of using a solution focused on the jewellery industry, the firm chose a replacement solution from Raymark in October 2014 (Raymark was later acquired by Mi9 Retail). However, after several years, Fink’s reviewed the market again.

NOTE: This article previously inferred that Finks used the Mi9 Retail ERP solution, however this was incorrect.

Todd Stafford, Fink’s Vice President of Information Systems, commented, “We needed a powerful inventory management system with the ability to log new items with minimal administrative burden. Essentially, our legacy IT had lost its lustre. We needed our system to match the quality and the style of our business.”

They narrowed it down to two solutions, Microsoft and NetSuite. Stafford has an interesting take on the final decision. He commented, “Microsoft is a technology company that has an ERP system, whereas NetSuite is primarily an ERP company that also is a technology company.”

His IT team also had concerns about Microsoft Dynamics. One of these was the adaptability of the system. The Microsoft team could not figure out how to cope with the Fink’s labelling process. The NetSuite references for NetSuite were also glowing.

The decision to move forward with NetSuite was obvious. Fink’s worked with Eide Bailly, a NetSuite consulting partner. It also worked with a partner from the NetSuite SuiteCloud Developer Network to solve the challenges that Microsoft could not resolve. It is unclear whether this was also Eide Bailly or another partner.

Two years on

The NetSuite solution has now been in place for over two years. The initial implementation included NetSuite ERP, NetSuite Learning Cloud Support, NetSuite Procurement and NetSuite SuiteAnalytics. The solutions have brought efficiencies to an operation that required modernisation. The results have been impressive. In 2022, revenues exceeded those of both previous years combined.

Those efficiencies have included reducing the paperwork for its repairs business. Customers often brought in multiple pieces of jewellery for repair. To track this, the Fink’s team would need to create three separate sales orders and three invoices.

Today, using the invoice grouping functionality within NetSuite, Fink’s can now create a single transaction to cover all three repairs. This process saves the customer and Finks time and lessens the finance admin workload. The feature was not available when first installed. Still, it was added during one of the two annual releases, and Fink’s regularly takes advantage of these changes without going through any painful upgrade process.

Mark Fink, CEO and owner
Mark Fink, CEO and owner

NetSuite also delivers a real-time view of inventory and sales. With support for multiple locations, it allows customers to move inventory as required by demand, reducing the risk of stockouts.

On Sales, Mark Fink, CEO and owner, commented, “I look at every sale, every day in our company, and I can look at it on my smartphone, and I can look and see that we sold a beautiful big diamond in Charlotte North Carolina and then I can call the sales associates and say tell me about that person.”

Fink’s now has one source of the truth, whether in its eCommerce stores that support its retail operations or elsewhere. Information is located in a single solution whether the data began its journey in finance, inventory, order management, point-of-sale, or eCommerce. It has also automated several tasks that once took days to only a few hours, which means that details within the eCommerce platform match what is available in stores.

Fink’s is always looking to evolve and improve, whether with the biannual releases or from NetSuite CRM, which Stafford intends to implement to enhance customer relationships and boost sales.

Stafford concluded, “NetSuite has the cloud figured out. It is helping us get the answers we need to unlock growth. We are always considering ways that we can evolve. No matter where or how our business grows, NetSuite will serve as the foundation for those plans.”

Enterprise Times: What does this mean

Fink’s is a retail firm with a long history and a bright future, and it looks to continue growth with the support of NetSuite. Fink’s had a false start with one solution but bravely decided to reset and consider alternatives such as Microsoft and NetSuite. It was then able to make a considered choice based on its requirements and the partner it felt most comfortable with.

For NetSuite, this demonstrates the flexibility of its platform and the breadth of its partner network. Fink’s found a solution and partners that have delivered and continued to deliver the success and growth it wants.

LEAVE A REPLY

Please enter your comment!
Please enter your name here